Lending Path
I am looking to get into real estate underwriting at the moment as I have been looking for a path into the field for about 5-6 months or so. I am currently a fund accounting working on alternate investment allocations. Currently 24 years old and have been here since March of 2022. In my job search real estate wise, I have only managed to land about 2 offers:
Appraisal role with Newmark with a small team - Declined this offer due to the team being small and only working in retail. my biggest turn-off was the commute (40 min drive) and salary ($21.56 an hour).
Credit Analyst Role with a small local bank (1B AUM) - this offer is currently still pending and I am leaning towards it. Salary is lower by a $15k margin of what I make now but it is low.
Questions I had:
Can anyone share the type of roles and shops/banks that I should look to apply too?
What type of resources are out there to learn how to underwrite loans?
Salaries for commercial real estate underwriters (at this point, I'm willing to take a salary cut to get out of the boring work I do).
Growth within the roles (positions and career paths for underwriters)
Explored this path so will give some insight.Transitioning into real estate lending at a bank may be hard since I will say 70-80% of banks recruit for these roles internally. Generally, fresh out of undergraduate students will rotate through a "banking program" that will teach them underwriting and credit analysis + allow them to rotate through different lending sectors (oil & gas, real estate, manufacturing, etc.). At the end of their rotational program, they will get placed.Because of the above, few banks* will allow you to join their real estate team without having gone thru the ropes internally because (1) you may not have "credit training" and (2) there are employees waiting to be placed internally.There are some banks that I have seen recruit strictly for RE without having to go thru their internal process… I think Texas Capital, PNC, and KeyBanc are a few.Someone else in the industry needs to chime in but this my 2cents.
Salary in South as Analyst … $70k + 10% bonus
How to underwrite a loan, they will teach you. Not really hard stuff you do not already know imo
Hey dude appreciate the two cents. How about the shops that hire underwriters such as W&D or M&M maybe?
Also, do you think being that I have a year of work experience already, I prob can’t qualify to get into those rotational programs correct?
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